Former Bridgewater Associates CTO Buys AKAI Estates Residence For $8 Million In Southwest Ranches

Prasad Hedge has joined bigwig investors migrating to South Florida from Connecticut. Hedge, who was previously a CTO with Bridgewater Associates, a premier asset management firm owned by Founder and Co-Chief Investment Officer Ray Dalio, purchased an estate in Southwest Ranches Akai Estates for $8 million. Hedge is currently COO at 777 Partners, the Miami based private investment firm which is deeply involved in international sports teams and league investment. 777 Partnes has more than $3 billion in assets under management with several high-profile investments in international soccer including La Liga’s Sevilla FC, Genoa C.F.C., the Brazilian club Vasco de Game and Belgian club Standard Liège.

“When moving my family from Connecticut, we were seeking a new, modern designed single-family community. Ideally, we wanted a home within close proximity to both Miami and Fort Lauderdale. It was also important for us to be near top ranked schools. We have been working with design consultants and architects at AKAI Estates, and the process has been seamless,” said Prasad Hedge.

This sale is proof of the luxury buyers and wealthy execs continuing to bet big in South Florida. More specifically, sights are set on Southwest Ranches, a neighborhood that has seen an influx of these wealthy buyers. Hedge chose to move his family from Connecticut to AKAI Estates in Southwest Ranches in order to have a luxury single family home, while not sacrificing space or land. AKAI Estates is a luxury pre-construction single family estate community with two acre lots per home. Southwest Ranches has historically appealed to wealthy execs and business leaders looking for sprawling estates and exclusivity, keeping close proximity to Miami at just 15 miles away.

Located within the estate community, the impressive bright and airy home will be situated on a two-acre lot. It features six bedrooms and eight and a half bathrooms within two floors of open space. The model selected by Hedge includes two sundeck pavilions, one that leads to the glass-walled home gym, with a custom sunken living room and firepit. The home’s upscale summer kitchen boasts appliances by Miele. The home’s dazzling 2,343 square-foot infinity-edge pool is ideal for entertaining, surrounded by lush landscaping as well as a private sports court. The home also offers indoor entertainment with a theater space. With conceptual design by internationally acclaimed Vasco Vieira, in partnership with local architect of record Jiro Yates, the home beautifully merges indoor and outdoor living spaces.

“As a response to the single-family home shortage in South Florida, AKAI Estates is delivering 16 signature luxury estates tucked away in one of South Florida’s most sought-after residential havens, Southwest Ranches. As part of a prestigious suburban landscape, the 44-acre community offers five distinct residential floor plans, each delivered on two acres of private property which makes AKAI even more unique,” said Alex Yokana, Developer of AKAI Estates.

AKAI Estates is a collection of 16 signature luxury homes tucked away in Southwest Ranches, one of South Florida’s most sought-after residential havens. The 44-acre property offers 5 distinct residences to choose from, each delivered with two acres of private property. AKAI Estates is being developed by Alex Yokana, Jairo Vela, and Amos and Michael Sochaczevski. Bento Queiroz Team under Compass is the exclusive sales team for the development.

KUSH Building In Wynwood Sells For $2.6 Million

2003 North Miami Ave., a mixed-use property which is home to longtime Wynwood staple restaurant KUSH, has sold for $2.6 million. The transaction closed on March 25. Matt Kuscher, owner of Kush Property LLC, purchased the property from Michael Lilov. Both sides of transaction were overseen by Devlin Marinoff, Tony Arellano P.A. and David Richman of DWNTWN Realty Advisors.

The two-story mixed-use building totals 7,562 square feet on the highly trafficked North Miami Avenue corridor in Wynwood, which has been experiencing incredible development and corporate relocation activity. The building features three retail spaces and 10 studio apartment units on the second floor.

Kuscher brought his KUSH concept to Wynwood and quickly turned it into a Wynwood staple beloved by burger enthusiasts. KUSH Hospitality took home the coveted People’s Choice Award during the South Beach Wine and Food Festival’s 2021 Burger Bash, an annual competition that draws more than 30 chefs and restaurants from around the country. The gastropub is also a supporter of the neighborhood’s renowned art scene, displaying eye-catching pieces from local artists on its walls.

“Wynwood is entering a new era as a well-rounded professional, residential, dining and entertainment destination,” Marinoff said. “That shift is inspiring a flurry of investment activity. Established local investors are seeking to expand their holdings in Wynwood, while new-to-market players are eager to expand into the neighborhood.”

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Currently, more than 3,500 new residential units, 400 hotel rooms and 1 million square feet of office space are in the pipeline. Wynwood’s 50-block district also has one of the most dynamic culinary scenes in the United States with a variety of highly rated restaurants including doma, Omakai, Hiden, Hiyakawa, Momosan, Uchi, Mister 01, Kyu, Bakan, Beaker & Gray and Pastis.

Recent notable transactions include Forte Capital and Sheridan Capital’s flipping 2830 NW Fifth Ave. for $11.2 million just mont’s after acquiring it for $6.35 million from from Alex Karakhanian’s LNDMRK Development. In February Related Group and East End Capital sold Wynwood Annex in February for $49 million and UOVO Storage Deluxe acquired of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

Naftali Group Acquires Miami Worldcenter Development Site For $41 Million, Plans Two Supertall Residential Towers

The New York-based developer Naftali Group has acquired a development site at 1016 NE 2nd Ave. in Downtown Miami’s Miami Worldcenter for $41 million and is planning two supertall residential towers. The site was acquired in partnership with Cara Real Estate Management. The seller was the Chicago-based Akara Partners who acquired the site for $18.8 million in July 2020. The off-market transaction was overseen by Mika Mattingly of Colliers Urban Core Division. The site previously served as the sales center for PARAMOUNT Miami Worldcenter.

Naftali Group, led by Chairman and CEO Miki Naftali, is now planning two supertall residential towers which they aim to begin pre-sales for by the end of 2022. The project would be their first in South Florida. Akara Partners had previously planned Kenect Miami at the site, a Perkins + Will and Stantec-designed mixed-use residential two tower development. A project of up to 1.3 million square feet can be developed on the 44,500 square foot site.

Miami Worldcenter occupies ten city blocks within walking distance of Museum Park, home to Pérez Art Museum Miami and the Frost Museum of Science; FTX Arena; the Adrienne Arsht Center for the Performing Arts; and Miami Dade College’s Wolfson Campus. It is also adjacent to Brightline’s MiamiCentral station, which will soon offer direct train service to Fort Lauderdale, West Palm Beach, and Orlando, together with access to Tri-Rail, the Metromover, and the Metrorail, making Miami Worldcenter the largest and most connected transit-oriented development in Florida.

Sabal Development Sells 10-Acre Parcel To Lennar Homes For $24.5 Million In Off-Market Transaction

Sabal Development, a Miami-based builder and developer who specializes in luxury custom homes led by Pascal Nicolai, has sold a 433,422 SF, 10.17-acre, parcel located at 8290 SW 120th Street in Miami, Florida for $24.5 million to Lennar Homes. The off-market transaction closed on March 23, 2022 with no listing agents involved.

Sabal Development purchased the parcel for $6.3 million on January 26, 2015. Sabal originally requested to rezone the site to build 20 single-family homes in a community known as Veridian Grove. Following the new Comprehensive Development Master Plan (CDMP), Sabal requested to rezone the site to permit 34 townhomes and 20 homes.

“We are thrilled to sell this special 10-acre Miami parcel for $24.5 million to Lennar Homes, who will make our vision for the community come to life,” said Nicolai.

Sabal Development and Sabal Luxury Builder achieved over $130 million sales in custom-built home sales in 2021.

Rendering via Sabal Development

Forte Capital Management Flips Wynwood Industrial Property For $11.2 Million In Off-Market Transaction

Forte Capital, led by Chaim Cahane, and Sheridan Capital have flipped 2830 NW Fifth Ave. in Wynwood for $11.2 million just months after acquiring the industrial property for $6.35 million in December 2021 from Alex Karakhanian’s LNDMRK Development. The buyers are developing an ultra-luxury spec home designed by Kobi Karp on Miami Beach’s Sunset Islands. The off-market cash transaction was brokered by Jordan Karp.

The 14,000 SF property was originally built in 1950 and is currently vacant in raw condition. It features three retail suites spanning, 4,620 SF 3,500 SF and 5,743 SF, the last two of which are combinable. 2830 NW Fifth Ave. sits on 17,160 SF, .39 acre, lot and features private gated parking, high ceilings and quick access to highways. It is walking distance to some of Wynwood’s most notable projects and landmarks, including 545wyn, the Wynwood Building, Love Life Café, Morgan’s and the Wynwood Garage.

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Currently, more than 3,500 new residential units, 400 hotel rooms and 1 million square feet of office space are in the pipeline. Wynwood’s 50-block district also has one of the most dynamic culinary scenes in the United States with a variety of highly rated restaurants including doma, Omakai, Hiden, Hiyakawa, Momosan, Uchi, Mister 01, Kyu, Bakan, Beaker & Gray and Pastis.

Recent notable transactions include Related Group and East End Capital selling Wynwood Annex in February for $49 million. Also in February UOVO Storage Deluxe acquired of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

Billionaire Entrepreneur Buys $23.5 Million Penthouse Through Social Media at Jade Signature

Billionaire entrepreneur Adam Weitsman, who made his fortune in scrap metal recycling and crypto, has purchased the penthouse at Jade Signature in Sunny Isles Beach for $23.5 million. Weitsman saw the unit and completed the deal fully through social media. Weitsman was represented by Chad Carroll with Compass, who he connected with on Instagram, and ultimately made the offer sight unseen and closed the deal virtually. Weitsman is the owner and CEO of Upstate Shredding, Weitsman Recycling and founder of Viridium.

“This sale is a testament to the power of social media in real estate,” said Carroll. “My social pages have become an invaluable tool to connect with buyers and sellers from around the world and I am seeing more deals than ever before directly converting from my strong online presence.”

The sale set a record price for the building which developed by Fortune International Group and designed by Herzog & de Meuron. There are now only two sky villas remaining, which are the last developer units available. Sandra Chartouni with Fortune International Realty repped the seller.

“We believe the buyer has acquired one of the best penthouse properties in all of Miami at Jade Signature,” said Edgardo Defortuna, CEO & President of Fortune International Group. “Not only is the home over 11,000 square feet of space but it encompasses a full-floor with a continuous balcony and stunning 360-degree oceanfront views.”

The residence is a one-of-a-kind, two-story penthouse with 7 bedrooms and 9.5 baths, spanning 11,661 sq ft and over 7,500 sq ft of wrap-around balconies with an oversized jacuzzi overlooking the ocean. This two story residence has a double master suite with a private elevator to the second floor entertainment lounge. The first level is the main master bedroom with double sitting areas, master study, midnight bar, his and hers bathrooms and his and hers dressing areas. The second floor master wing includes an entertainment lounge, midnight bar, full bathroom, sauna and steam room.

Sunset Islands Waterfront Sells For $34 Million Brokered By Scott Lawrence Porter And Nile Lundgren

A waterfront mansion located 2120 Bay Ave. on Miami Beach’s Sunset Islands has sold for $34 million in an off-market deal. The sale price equates to roughly $5,300 PSF for the 6,400 SF home. The transaction was brokered by Scott Lawrence Porter of ALTARA Properties and Nile Lundgren of SERHANT. The home sold last year for $18 million in an off-market deal that was also brokered by Scott Lawrence Porter.

2120 Bay Ave. was built in 1957 and is located on a 28,454 SF lot on Sunset Island IV. The recently remodeled residence spans 6,400 SF and features 5 bedrooms and 5.5 bathrooms. Outside the home offers 210’ of water frontage, as well as a pool, summer kitchen and dock.

ALTARA Properties is a full service real estate company led by Managing Broker Demetri Demascus, who is also co-founder of PROFILEmiami. ALTARA Properties offers both residential and commercial brokerage and marketing services across South Florida with in-house PR, branding and marketing offered to all agents. ALTARA Properties has over $40 million in closed transactions since launching in early 2022.

SERHANT is a New York-based brokerage led by Ryan Serhant who was featured on the hit TV show Million Dollar Listing. SERHANT is one of the most followed real estate brands in the world and is working to revolutionize the brokerage model through media and content creation. SERHANT offers agents a full-service in-house film studio with in-house production and branding teams.

The Sunset Islands, a set of four luxurious residential islands located just off of South Beach next to Sunset Harbour, has been a hotspot for luxury development and transactions. In February 1775 West 24th St. sold in an off market deal for $11.5 million, roughly $3,546 PSF. Recently Andian Development acquired 1415 North View Drive for $13.9 million with plans to renovate the home. In December Shlomy Alexander, Felix Cohen and Julian Cohen sold a spec home they developed at 1825 West 24th Street for a Sunset Island record $25 million, $3,811 PSF. Developer James Curnin sold a spec home at 1757 West 27th Street for $24.8 million to former Goldman Sachs exec Don Mullen and Kawa Capital Management co-founder Alexandre Saverin and his wife sold their home at 1617 West 22nd Street on Sunset Island IV for $13 million.

Office Building On Ponce de Leon Boulevard In Coral Gables Trades For $14 Million

An office building located on Ponce de Leon Boulevard in Coral Gables has traded for $14,050,000 in a value add, off-market deal. The 7-story, 87,134 SF office building was mostly vacant at the time of sale and is located at 2000 Ponce De Leon Blvd. The property features 7,500 SF of ground-floor retail space and 100 parking spaces. 2000 Ponce de Leon Blvd. was acquired Westside Capital who plans to renovate the building including common areas and elevators before leasing out the property and occupying the 7th floor penthouse. The seller was the Kronfle family who acquired the land in 1996 for $840,000 and developed the building in 2000. Fabio Faerman and Sebastian Faerman of FA Commercial oversaw both sides of the transaction.

Coral Gables has seen high demand and a good deal of development activity for commercial real estate recently. In February Constellation Group paid $10 million for two single-story office buildings that they plan to redevelop into a 75,000 SF office building. In December Fortress Investment Group acquired Bancorp’s headquarters building for $135 million in a sale-leaseback and Terranova acquired an office building at 93 Miracle Mile for $6.8 million. Agave Holdings is also developing The Plaza Coral Gables, a mixed-use mega-project. To start off the year

Wynwood Annex Sells For $49 Million To New-To-Miami-Market San Francisco-Based Buyer

Related Group and East End Capital have sold Wynwood Annex for $49 million to a new-to-market San Francisco-based buyer Brick & Timber Collective. The transaction was overseen by DWTNWN Realty Advisors Co-Founders Devlin Marinoff and Tony Arellano P.A., who represented both the buyer and the seller. The milestone transaction underscores a paradigm shift in rates and market fundamentals and sets a new bar for the Miami office market and represents the culmination of many years of organic, artistic and eclectic development efforts in Wynwood led by many shareholders with vision and grit inspired by visionaries like Tony Goldman.

Related Group and East End Capital developed Wynwood Annex and retailed DWNTWN Realty Advisors to lead the marketing and lease-up efforts, stabilizing over 60,000 square feet of rentable office area within six months to 100% occupancy, with landmark tenants all new-to-market.

Following the successful lease-up effort Wynwood Annex attracted unsolicited offers from investors from all over the country. DWNTWN ran an off-market process and connected with a new-to-market buyer, Brick & Timber Collective, who closed the approximately $49 million sale.

“Typically, we see relocations from within the city as the majority of tenants play musical chairs,” Lerner said. “In this cycle our firm took advantage of changing fundamentals and with our feet on the ground, led the charge outpacing competitive office towers in Miami, pushing Wynwood as the go-to creative office district.”

“We are honored and grateful to be a participant in Wynwood over the past 16 years. We are excited to see Wynwood become the go-to neighborhood for technology and modern finance,” Arellano said. “Wynwood Annex is the perfect fit for this San Francisco-based buyer’s debut investment in our market. DWNTWN is grateful to investors like Brick & Timber Collective for adding value to our market, community and the Greater DWNTWN Miami Area.”

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Recent notable transactions include UOVO Storage Deluxe’s acquisition of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. Forte Capital and Sheridan Capital’s acquisition of 2830 NW Fifth Ave. from Alex Karakhanian’s LNDMRK Development for $6.35 million, which they plan to reposition into creative offices. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

Sabal Development Sells Hibiscus Island Spec Home For $15 Million To Cosmetics CEO

A brand new tropical modern waterfront spec home by Sabal Development at 165 North Hibiscus Drive on Miami Beach’s Hibiscus Island has sold for $15 million to the CEO of Farmasi North America. Per public record, Marko Gojanovic of ONE Sotheby’s International Realty and Alejandro Diaz Bazan of Jills Zeder Group represented the buyer, Sinan Tuna, while Dora Puig with Luxe Living Realty represented the seller, developer Pascal Nicolai.

165 North Hibiscus Drive was designed by Togu Design and spans 5,217 square feet of interior on 10,500 square foot lot with 60’ of waterfront. The 5-bedroom , 5.5 bathroom home features a reflecting pond, a private 2 car garage, cotto’d’este tiling, full suite appliances by Miele, wine cellar, illumination by Delta Light, and freestanding soaking bathtub. Outdoors features two waterfront pools, a rooftop deck, terrace, and dock which can accommodate a yacht as large as 50’.